Sumit Kumar (IT) 04 July 2017
Hello Sir, i have already received 50% payment from buyer in form of RTGS transfer. Remaining 50% will be via DD through bankloan. Now buyer is asking me to deposit 1% tds from the amount he has already paid. My question is whether it is my responsibility to deposit 1% of total sale value and produce the receipt during registration or is it that of the buyer to deduct the tds and submit it when required by the registrar. Kindly clarify.
naresh A Mr. (Others) 07 July 2017
It is the responsibility of the buyer to deduct the TDS @1% and submit that to government account and it is his responsibility to get the TDS certificate (form 16B) for the deposited TDS and give the same to you. For delayed cutting of TDS or not cutting etc there are penalties and/or interests to be paid by the buyer. For all the related details check the following link:
https://cleartax.in/s/how-to-file-tds-on-sale-property
Ganpat 08 July 2017
Dear sir,
At what value of sale deed TDS is applicable? I understand 50 lacs and below TDS is not applicable.Please reply
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